CEBS elects new chair and vice chairand renews its bureau

18 January 2008

Mrs. Kerstin af Jochnick, Director of Prudential Supervision at the Swedish Financial Supervisory Authority (Finansinspektionen) has been elected Chair of the Committee of European Banking Supervisors (CEBS). She replaces Mme Danièle Nouy, Secretary General of the French Banking Commission (Commission Bancaire), who has held the position since January 2006 and whose two-year term as Chair has expired.

Mrs. af Jochnick, new Chair of CEBS, expressed the appreciation of the whole Committee and thanked Mme. Nouy for chairing CEBS and her outstanding contribution to the work of CEBS in its first four years.

Mrs. af Jochnick has held the senior position as Director of Prudential Supervision at Finansinspektionen since 1995. Mrs. af Jochnick has broad international experience in banking supervision. She is currently a member of the Basel Committee on Banking Supervision. She served as CEBS Bureau member and also as Chair of the Expert Group of Capital Requirements (EGCR).

On her election as Chair of CEBS, Mrs. af Jochnick noted: "It is a great privilege for me to take up the Chairmanship of CEBS. I have been a member of the CEBS since its start. During the first four years CEBS has been chaired by two outstanding members, both with an enormous capacity for building co-operation and deliver results. I am taking on this responsibility at a time when the contribution of CEBS to the creation of a single European market for financial services is very important. The present development in financial markets together with the Lamfalussy review shows the need for strong supervisory convergence in Europe. I am looking forward to take on this challenging task.

CEBS' work during the coming year will very much build upon the platform that has already so successfully been created. We will deliver advice to the Commission on several important issues, i.e. hybrid capital instruments and large exposures. Our main focus will be to develop sound structures for co-operation between home and host supervisors and encourage supervisory colleges for the larger banking groups to develop efficient working procedures. In order to reach convergence on a broader basis we will continue the positive dialogue with our sister Committees, CESR and CEIOPS, on joint issues. CEBS advice and co-operation will be built in a constructive dialogue with the industry. It will be a great pleasure for me to chair CEBS and work together with our secretariat led by Mr. Andrea Enria, Secretary General."

Mr. Andrzej Reich, from the Polish Financial Supervision Authority (and until end 2007 Director at the General Inspectorate of Banking Supervision of the Polish National Bank, which just merged with the Polish FSA), has taken over as Vice Chair of CEBS. He has been a Bureau Members since 2006 and member of several CEBS expert groups, such as the Convergence Committee and the 3L3 Steering Committee. He has also been appointed Chair of the newly established Review Panel. Mr. Reich took over in November 2007 from Mr. Helmut Bauer, who left the German supervisory authority BaFIN and therefore resigned from his CEBS responsibilities.

CEBS has also extended its Bureau in the recent months and appointed two new members, Dr. Thomas Huertas and Giovanni Carosio, to fill the vacancy left by Mr. Bauer and assign the new position.

Dr. Thomas Huertas, Director, Banking Sector at the UK Financial Services Authority. He serves as Chair of CEBS' Expert Group on Capital Requirement and previously as Chair of its Convergence Task Force. Prior to joining the FSA in 2004, Dr. Huertas worked extensively on regulatory issues and corporate strategy in both the United States and Europe. He also has extensive practical experience in banking and finance.

Mr. Giovanni Carosio, Deputy Director General at the Bank of Italy (Banca d'Italia), has held several senior positions in banking supervision. He represents the Bank of Italy in several international committees and working groups: member of the Basel Committee on Banking Supervision and Chairman of the Committee's International Liaison Group, member of the Committee of European Banking Supervisors and of the Financial Stability Forum.

The other members of CEBS Bureau are Messrs. Rudi Bonte, from the Belgian Banking, Finance and Insurance Commission (CBFA), and Jukka Vesala, from the Finnish FSA (Rahoitustarkastus).

The role of the Bureau is to prepare and discuss matters of strategic importance and agenda issues for the CEBS meetings. It also provides advice and assists the chair and the committee in budgetary and administrative matters.

Mr. Arnoud Vossen, from De Nederlandsche Bank, joined CEBS Secretariat as Deputy Secretary General. Before joining CEBS Mr. Vossen was Departmental Director at De Nederlandsche Bank. He was responsible for cross-sectoral policy issues like financial crime, corporate governance, supervisory reporting and accounting. Mr. Vossen has been Chairman of the Expert Group on Financial Information. Furthermore he is member of the EU IFRS Round Table and of the EU Accounting Regulatory Committee.